“Hi, my name is Bobby and you’re going to prison if you don’t pay my client, the United States Post Office, their MONEY! Plus, we’ll cut-off your ability to buy stamps! And, we’ll sick the IRS on you. And…”

So Elizabeth Warren thinks it’s a great idea for the US Postal Service to loan money to the “underbanked.”

“One of the key messages of Obama’s State of the Union address is his willingness to bypass Congress to create jobs and reduce inequality. As luck would have it (Give Me a Break!) , a new government report detailed an innovation that would preserve one of the largest job creators in the country, save billions of dollars specifically for the poor, and develop the very ladders of opportunity that Obama has championed as of late. What’s more, this could apparently be accomplished without Congressional action, but merely through existing executive prerogatives.”

“What’s the policy? Letting the U.S. Postal Service (USPS) offer basic banking services to customers, like savings accounts, debit cards and even simple loans. The idea has been kicked around policy circles for years, but now it has a crucial new adherent: the USPS Inspector General, who endorsed the initiative in a comprehensive white paper.”

Wow! Doesn’t this motivate you to apply for a job in the new U.S.Postal Service’s Department of Lending?

I can’t imagine taxpayers funding these loans! Worse, the United States Postal Service is going to “partner” with banks; the ultimate “loan sharks.” These are the same banks who were charging their own customers $10 in fees per $100 loaned IF their customer had direct deposit? NO RISK LOANS!!

Add to this equation the call center collection personnel working out of India, Panama, Belize…! “Hi, my name is Bobby and you’re going to prison if you don’t pay my client, the United States Post Office, their MONEY! Plus, we’ll cut-off your ability to buy stamps!” And, we’ll sick the IRS on you. And…”

In order to pull this off, our federal government would have to provide clarity and federal direction regarding the 50 states. Why not do this now and allow entrepreneurs to figure out how to construct an appealing product and compete with one another? Why should taxpayers, the FED’s, the U.S. Post Office and banks collaborate and compete against private business?

Next, our federal government, in conjunction with consumer literacy groups, will decide the American reading level is not what it should be and launch a new enterprise to compete against Amazon. After all, the the Obama administration could subsidize iTunes, eBooks and movies easily with taxpayer dollars.

Be sure to check out Michael Brown’s thoughts on this matter over at CreditAccessBusiness.com. And if you’re interested in Texas payday, car title, installment you must make his acquaintance!

Jer, Can’t you just imagine such a headline on CNN, Fox News or the front page of your local newspaper!

“Outraged customer goes ‘postal’ after being denied a small dollar loan at the Post Office.”

Talk about Obama, finally getting his way… with the stroke of his pen; Re-distribution of wealth in America, courtesy of the United States Postal Service. While the USPS continues to do business and losing money year after year, the Postmaster General was paid $512,000 in total compensation in 2012. Oh, and by the way, the Postal Service just raised the price of a first-class stamp from 46 to 49 cents and promised that more increases are on their way. This ‘business’ entity continues to lose billions (with a B) of dollars every year and the likes of Sen. Elizabeth Warren are pushing this proposal hard and heavy. Where is the common sense in this absurd scenario?

Until I heard about “Operation Choke,” I never would have dreamed… It’s apparent Obama and his team will do ANYTHING to enable banks to keep the “average Joe” in debt for life. The U.S.Postal Service, whoops: the U.S. taxpayer will get “it” on both ends. Fund a subsidized government monopoly that loses billions of dollars, create more government jobs – rather than private commerce – and become a lender of last resort in partnership with THE BANKS!!!

Leave a Comment

If you would like to make a comment, please fill out the form below.

Name (required)

Email (required)

Website

Comments

Security Question:

What is 12 + 5 ?

Please leave these two fields as-is:

IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)

Need advice? Counsel? Have a challenge... an idea... an opportunity in the small dollar loan space? Schedule a call with Jer, CEO of Trihouse Consulting. Learn
more in 15 minutes with Jer ($75) than you can in a week searching Google or talking with someone who hasn't been in the trenches!